CBL Properties Reports 2024 Financial Results

By Tamara Parker • Friday, February 14 10:22 • Permanent Link

CBL Properties (NYSE: CBL) has reported its financial and operational results for the fourth quarter and full-year 2024. The company's same-center NOI for 2024 increased by 0.2% over the prior-year period. However, the same-center NOI for the fourth quarter of 2024 showed a decline of 1.6% compared to the prior-year period.

The company's funds from operations (FFO) for the year ended December 31, 2024, stood at $6.40, a decrease from $6.59 in the prior year. However, the FFO, as adjusted, increased to $6.69 from $6.66 for the prior-year period.

In terms of leasing activity, nearly 4.5 million square feet of leases were executed in 2024, including approximately 1.4 million executed in the fourth quarter. The portfolio occupancy was reported at 90.3% as of December 31, 2024, representing a sequential increase of 100 basis points from September 30, 2024. However, the same-center occupancy for malls, lifestyle centers, and outlet centers declined to 88.7% from 89.8% as of December 31, 2023.

Same-center tenant sales per square foot for the fourth quarter of 2024 increased by approximately 1% compared with the prior-year period. Additionally, as of December 31, 2024, the company had $283.9 million of unrestricted cash and marketable securities.

CBL's board of directors declared a regular cash dividend of $0.40 per common share for the quarter ending March 31, 2025, along with a special cash dividend of $0.80 per common share.

CBL's CEO, Stephen D. Lebovitz, highlighted the achievement of positive same-center NOI growth and the completion of significant financing and transactional activity that strengthened the company's balance sheet and portfolio.

In terms of financing activity, CBL completed approximately $513.7 million in financing during the fourth quarter of 2024. The company also engaged in acquisition and disposition activities, including the acquisition of its partner’s 50% joint venture interests in three high-performing centers and the sale of Monroeville Mall in Monroeville, PA, for $34.0 million.

These figures and activities demonstrate the financial and operational changes that CBL Properties underwent during the reported period. Today the company's shares have moved 3.5% to a price of $33.05. For more information, read the company's full 8-K submission here.

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